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Monday, October 16, 2006

TECHNICAL OUTLOOK - 16 OCTOBER

Short term trend in Nifty is looking bullish and it has potential of testing 3750 in coming trading sessions and this view holds good as long as Nifty stays above 3610 level.

Positional traders can continue to hold their long positions with a stop at 3610.

Today, if Nifty sustains above 3645, then it could test 3700 and above 3700 it could test 3730.

Cipla 260.60

The short term trend is looking bullish and it has potential of testing 290 in coming trading sessions. Buy on decline with a stop at 252.

Long term investors can continue to hold this scrip with a stop at 235 for good upside potential in coming months.

Bajaj Auto 3121.45

The short term trend is looking bullish and it has potential of testing 3300 in coming trading sessions. Buy on decline with a stop at 3070.

Long term investors can continue to hold this scrip with a stop at 2750 for good appreciation in coming months.

DELIVERY CALLS

Sterlite Opticals 190.50

The scrip is in long term bull market and it has good potential in the long run.

In short term, chart indicates a rally towards 250 in coming weeks. Buy on decline with a stop at 160.

TTK Prestige 126.95

The long term trend in this scrip is looking bullish.

It has potential of testing 160 levels in coming months. Buy on decline with a stop at 105.

Outlook of TTK healthcare and Satyam is available at www.waveriders.in

Medium term Outlook of Nifty

The pattern in Nifty suggests that it is likely to exceed its all time high of 3774 in two or three months atleast by few points before going in to corrective mode. The correction in this type of market would be sharp and shallow and also corrections would be retraced immediately.

So, I project a target of 3800 for Nifty in coming months. This view holds good as long as Nifty stays above 3300. Also, as long as Nifty stays above 3200 level, the long term trend of the market would be bullish and it has good potential in the upside in coming years.

About Me

I am a Mathematics Graduate, having 22 years of stock market experience. I was attracted to stockmarket by the media coverage of the 1992 Harshad Mehta's stock market scam. At that time, I was exposed to Technical analysis by the weekly stock market technical analysis Magazine ' Capital Market Technicals' and got the interest towards Technical Analysis. Since then, I have been learning, analyzing and trading the Stock Market. Now, I am working as a Freelance Technical Analyst and I have contributed to India's leading finance portals like valuenotes.com, walletwatch.com, and ways2gain.com before writing in this blog. Initially, I followed Robert prechter’s way of Classic Elliott wave theory and then Glenn Neely’s Neowave and then, finally, settled with my own system, with which I am comfortable now.My analysis is mostly based on the structure rather than any derived indicators, as I believe that only price will really reveal the real picture of the Market. In this Blog I would like to cover Indian Stock Markets, International Indices and Commodities.

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Disclaimer

Readers must be advised that while the information herein is expressed in good faith, its accuracy is not guaranteed. There is always the risk of loss while trading for which the Author is not responsible. The views expressed in the newsletter are just an analysis based on Technical analysis and it should not be construed as an offer for buy or sell. Anyone trading based on the recommendations are doing so at their own risk and the Author is not responsible for any financial loss arising out of it.